Edgebrook Bank, located in Chicago, IL, was closed down by the FDIC on Friday, May 8. This bank failure is the first one for the month of May and is the fifth overall bank closure for 2015.
5/8/2015 *** Illinois *** Chicago *** Edgebrook Bank *** $16.8 million dollar estimated FDIC DIF cost.
The total DIF for failed banks this week is $16.8 million.
If you were banking at Edgebrook Bank in Chicago, IL, you are now banking at Republic Bank of Chicago.
For more on the FDIC bank closure lists you can go to the FDIC website and search through their report of failed banks, credit unions, and Trusts.
In 2014, there were a total of 18 banks that went into receivership, merged with another financial institutions, or closed their doors entirely.
Entering 2015, there are around 425 banks and other financial organizations on the troubled list due to mortgages, derivatives, and bad investments.
At the current rate of banks and financial institutions closing their doors so far this year, the estimated total number of failures for 2015 could reach 12.
Kenneth Schortgen Jr is a writer for Secretsofthefed.com, Examiner.com, Roguemoney.net, and To the Death Media, and hosts the popular web blog, The Daily Economist. Ken can also be heard Wednesday afternoons giving an weekly economic report on the Angel Clark radio show.